PVP Corporate Parks Pvt. Ltd., CHENNAI V. DCIT, CHENNAI

ITA 497/CHNY/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 8898 (ITAT-CHENNAI)
• Duration Of Justice: 4 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-08-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2010-2011
• Appeal Filed On: 04-03-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: B RAMAKRISHNAN
• Keywords: Capital asset
• Section: 143(3); 115JB

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL , C B ENCH, CHENNAI . . . , . , % BEFORE SHRI N.R.S.GANESAN, JUDICIAL MEMBER AND SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER ./ I.T.A.NO.497/MDS/2016 ( / ASSESSMENT YEAR: 2010-11) M/S. PVP CORPORATE PARKS PVT.LTD., 9 TH FLOOR, KRM CENTRE, NO.2, CHETPET, CHENNAI-600 031. VS THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE-5(2), CHENNAI-600 034. PAN:AAECA4051G ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : MR. B.RAMAKRISHNAN, C.A. /RESPONDENT BY : MR. B.KOTESWARA RAO, CIT /DATE OF HEARING : 5 TH MAY, 2016 /DATE OF PRONOUNCEMENT : 1 ST AUGUST, 2016 / O R D E R PER A. MOHAN ALANKAMONY, AM:- THIS APPEAL IS FILED BY THE ASSESSEE AGGRIEVED BY T HE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (AP PEALS)- 3, CHENNAI DATED 26.02.2016 IN ITA NO.104/CIT(A)-3/ 2013- 14 PASSED UNDER SECTION 143(3) R.W.S. 250(6) OF THE ACT. 2. THE ASSESSEE HAS RAISED SEVERAL GROUNDS IN ITS A PPEAL, HOWEVER THE CRUXES OF THE ISSUES ARE AS FOLLOWS:- I) THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) HAS ERRED IN UPHOLDING THE ORDER OF THE LEARNED ASSESSING OFFICER, IN RE-COMPUTING THE BOOK PROFIT UNDER SECTION 115JB OF THE ACT, BY INCLUDING THE PROFITS OF ` 34,11,86,517/ - (DERIVED 2 ITA NO.497 /MDS/2016 ON ACCOUNT OF CAPITAL ASSETS CREDITED TO THE RESERVES `32,11,24,002/- IN THE BALANCE SHEET DIRECTLY WITHOUT ROUTING IT THROUGH THE PROFIT & LOSS ACCOUNT)IN THE BOOK PROFIT WHILE DETERMINING THE TAX LIABILITY UNDER SECTION 115JB OF THE ACT. II) THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) HAS ERRED IN CONFIRMING THE ORDER OF THE LEARNED ASSESSING OFFICER FOR DISALLOWING THE COST OF IMPROVEMENT OF ` 3,10,00,000/- UNDER THE NORMAL COMPUTATION AND UNDER THE PROVISIONS OF SECTION 115JB OF THE ACT. 3. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE IS A COMPANY ENGAGED IN THE BUSINESS OF LEASING AND RENT ING OF AMENITIES AND BUILDINGS FILED ITS RETURN OF INCOME FOR THE ASSESSMENT YEAR 2010-11 ON 06.10.2010 DECLARING LOS S OF `4,88,52.174/-. DURING THE RELEVANT ASSESSMENT YEAR , THE ASSESSEE COMPANY HAS SOLD ITS FIXED ASSETS AND DERI VED CAPITAL PROFIT OF ` 32,11,24,002/- AS DETAILED HERE IN BELOW:- PROPERTY AMOUNT OF PROFIT ON SALE OF PROPERTIES ` 100 FT. ROAD, SALIGRAMAM, VADAPALANI 30,18,74,253 KRM CENTRE, NO.2, HARRINGTON ROAD, CHETPET 1,92,49,749 TOTAL PROFIT 32,11,24,002 THE ASSESSEE HAD DIRECTLY ABSORBED THE SAME IN ITS BALANCE SHEET WITHOUT ROUTING IT THROUGH THE PROFIT AND LOS S ACCOUNT. THUS, THE BOOK PROFIT OF THE COMPANY WAS UNDER STAT ED BY THE 3 ITA NO.497 /MDS/2016 PROFIT THAT WAS DIRECTLY ABSORBED IN THE BALANCE SH EET AS IT WAS NOT ROUTED THROUGH THE PROFIT AND LOSS ACCOUNT. ACCORDING TO THE PROVISIONS OF THE COMPANIES ACT, 1956 SCHEDULE VI PART II & III, IT IS MANDATORY TO ROUTE SUCH PROFIT THROUGH THE PROFIT & LOSS ACCOUNT OF THE COMPANY WH ICH WILL BE THE BOOK PROFIT OF THE ASSESSEE FOR THE PURPOS E OF DETERMINING THE TAX LIABILITY UNDER SECTION 115JB O F THE INCOME TAX ACT, SUBJECT TO THE OTHER PROVISIONS OF THE INCOME TAX ACT. SINCE THE ASSESSEE HAD NOT COMPLIED WITH T HE PROVISIONS OF THE COMPANIES ACT, THE LEARNED ASSES SING OFFICER ADDED THE PROFIT DERIVED FROM THE SALE OF C APITAL ASSET TO THE PROFIT & LOSS ACCOUNT OF THE ASSESSEE FOR CO MPUTING THE BOOK PROFIT. WHILE ARRIVING AT SUCH DECISION, THE L EARNED ASSESSING OFFICER OBSERVED AS UNDER:- 14. AFTER CONSIDERING THE REPLY OF THE ASSESSEE A ND THE FOLLOWING FACTUAL AND LEGAL POSITION, THE ASSESSMENT OF THE ASSESSEE IS COMPLETED. 14.1 THE TWO ASSETS SOLD BY THE ASSESSEE ARE FIXED ASSETS AS DEFINED IN ACCOUNTING STANDARD (AS)10 PRESCRIBED BY LCAL. 14.2 LOSSES ARISING FROM THE RETIREMENT OR GAINS O R LOSSES ARISING FROM DISPOSAL OF FIXED ASSETS WHICH IS CARRIED AT COST SHOULD BE RECOGNISED IN THE PROFIT AND LOSS STATEMENT. 14.3 AS PER NOTIFICATION BY THE COUNCIL OF LCAL, ACCOUNTING STANDARD (AS)10 IS ONE OF THE 4 ITA NO.497 /MDS/2016 STANDARD MADE MANDATORY. 14.4 THE COMPANIES ACT,1956, AS WELL AS MANY STATUTES REQUIRE THAT THE FINANCIAL STATEMENTS OF AN ENTERPRISE SHOULD GIVE A TRUE AND FAIR VIEW OF THE FINANCIAL POSITION AND WORKING RESULTS. THIS REQUIREMENT IS IMPLICIT EVEN IN THE ABSENCE OF A SPECIFIC STATUTORY PROVISIONS TO THIS EFFECT. 14.5 THE STATUTORY AUDITORS OF THE COMPANY HAVE QUALIFIED THEIR REPORT AND HAVE STATED THAT THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT AND CASH FLOW STATEMENT OF THE COMPANY COMPLY WITH THE ACCOUNTING STANDARDS REFERRED TO IN SUB- SECTION (3C) OF SECTION 211 OF THE COMPANIES EXCEPT FOR THE CHANGE IN ACCOUNTING POLICY FOR INCLUDING PROFIT AND SALE OF FIXED ASSETS OF RS.32.11 CRORES DIRECTLY IN RESERVES AND SURPLUS IN BALANCE SHEET INSTEAD OF THROUGH PROFIT AND LOSS ACCOUNT. 14.6 AS PER THE STATUTORY AUDITOR BY NOT AUDITING THE PROFIT ON SALE OF FIXED ASSETS OF RS.32.11 CRORES TO PROFIT AND LOSS ACCOUNT AND NOT PROVIDING FOR INCOME TAX LIABILITY OF RS.5.29 CRORES AND THE NET IMPACT OF THIS WAS TO UNDERSTATE THE PROFIT FOR THE YEAR BY RS.26.82 CRORES. 14.7 THE DIRECTOR'S REPLY TO THIS QUALIFICATION OF THE AUDITOR MERELY STATES THAT A POLICY, THE COMPANY CREDITS CAPITAL PROFITS TO RESERVES AND SURPLUS INSTEAD TO PROFIT AND LOSS ACCOUNT, SO THAT THE PROFIT AND LOSS ACCOUNT CORRECTLY SHOWS THE RESULT OF OPERATIONAL PERFORMANCE. BUT THE ACCOUNTING STANDARD-L0 MANDATED BY LCAL HAS BEEN CLEARLY VIOLATED BY THE COMPANY. 14.8 THE APEX COURT IN J.K.INDUSTRIES LTD., VS UOI (29 ITR 176) (SC) HAS UPHELD THE MANDATORY NATURE OF ACCOUNTING STANDARDS ISSUED BY ICAI. 14.9 ONLY WHEN THE ACCOUNTS OF A COMPANY ARE PREPARED IN ACCORDANCE WITH PART II & III OF SCHEDULE VI OF THE COMPANIES ACT, 1956, THE ASSESSING OFFICER WILL NOT HAVE THE POWER TO RESTATE THE PROFIT OF A COMPANY. 14.10 IN THE CASE OF THE COMPANY THE QUALIFICATION BY 5 ITA NO.497 /MDS/2016 THE STATUTORY AUDITOR CLEARLY ESTABLISHES THE FACT THAT THE PROFIT AND LOSS ACCOUNT OF THE COMPANY HAS NOT BEEN PREPARED AS REQUIRED BY PART II AND PART III OF SCHEDULE VI OF THE COMPANIES ACT. 14.11 PART B OF PART II OF SCHEDULE VI LAYS DOWN T HAT THE PROFIT AND LOSS ACCOUNT SHALL BE SO MADE AND AS TO DISCLOSE THE RESULTS OF THE WORKING OF THE COMPANY DURING THE PERIOD COVERED BY THE ACCOUNT. PARA 2(B) LAYS DOWN THAT PROFIT AND LOSS ACCOUNT SHALL DISCLOSE EVERY MATERIAL FEATURE INCLUDING CREDIT OR RECEIPTS AND DEBITS OR EXPENSES IN RESPECT OF NON-RECURRING TRANSACTIONS AND TRANSACTION OF EXCEPTIONAL NATURE. THE SALE OF THE FIXED ASSETS OF THE COMPANY IS NON-RECURRING. THESE ARE NOT IN THE REGULAR COURSE OF ITS BUSINESS AND ARE EXCEPTIONAL IN NATURE. THE CREDIT RECEIPTS FROM THESE SALES SHOULD HAVE BEEN REPORTED IN THE PROFIT AND LOSS ACCOUNT OF THE ASSESSEE. 14.12 THE QUALIFICATION BY THE AUDITOR WAS EVIDENCE TO CONCLUDE THAT THE BOOKS PROFIT OF THE ASSESSEE WAS NOT STATED CORRECTLY. IN SUCH A CASE, A DUTY IS CAST UPON THE A.O. TO RESTATE THE BOOK PROFIT. 14.13 IN THE PROCESS OF RESTATING THE BOOK PROFIT IT WAS NOTICED THAT THE ASSESSEE HAD MADE AN ADDITION TO FIXED ASSETS BY WAY OF CONSTRUCTION JUST PRIOR TO THE SALE AND THAT TOO AFTER GETTING SUBSTANTIAL AMOUNT AS ADVANCE. THE MATERIALS BOUGHT WERE ONLY IRON & STEEL AND CEMENT. NO OTHER MATERIAL SEEMS TO HAVE BEEN BOUGHT. ALL THE MATERIALS HAVE BEEN CLAIMED TO HAVE BEEN BOUGHT AND BROUGHT FROM MUMBAI. ANY LORRY WHICH COMES FROM MUMBAI TO CHENNAI SHOULD TAKE THE BANGALORE-CHENNAI HIGHWAY TO REACH CHENNAI. IT IS VERY UNUSUAL THAT NONE OF THE LORRIES TOOK THE USUAL ROUTE. THE SUPPLIER OF MATERIAL AND THE LABOUR CONTRACTOR WERE NOT PRODUCED BY THE ASSESSEE EVEN AFTER BEING TOLD TO DO SO. MERE DEDUCTION OF TDS FROM THE PAYMENT TO THE LABOUR CONTRACTOR WILL NOT MAKE IT A GENUINE TRANSACTION. 14.14 IN THE BOOKS OF ACCOUNTS THE NARRATION GIVEN IN 6 ITA NO.497 /MDS/2016 THE BOOKS IS REWORKING CONSTRUCTION, BUILDING REDOING, LAND FILLING, EXCAVATION, FENCING, REPAIR WORKS, LAND DEVELOPMENTS AND ALLIED CIVIL WORK. SUCH EXTENSIVE CIVIL WORK WAS NOT NOTICED BY THE PURCHASER WHO HAD ALREADY PAID THE ADVANCE OF RS.25.00 CRORES. 14.15 THE PURCHASER HAD PROPOSED TO PURCHASE THE PROPERTY IN AS IS WHERE IS CONDITION. THE ASSESSEE'S CLAIM THAT IT STARTED ADDITIONAL CONSTRUCTION AFTER THE RECEIPT OF THE ADVANCE OF RS.25,00,00,000/- AND SPENT RS.3,10,00,000/- WITHIN THE REGISTRATION DATE IS A STORY THAT DOES NOT ACCORD WITH HUMAN PROBABILITIES. THE EFFECT OF THIS ENTRY IN THE BOOKS WAS THAT, NOT ONLY THE CAPITAL LOSS UNDER NORMAL PROVISIONS OF THE INCOME TAX ACT WAS OVERSTATED BY RS.3.10 CRORES BUT ALSO THE BOOK PROFIT WAS FURTHER UNDERSTATED BY RS.3.10 CRORES. THE ASSESSEE HAS ALREADY UNDERSTATED BOOK PROFIT ON SALE OF FIXED ASSETS AS PER SCHEDULE B OF THE BALANCE SHEET UNDER THE HEAD 'RESERVES AND SURPLUS' BY RS.32,LL,24,002/-. 14.16 THE DECISION RENDERED IN THE CASE OF APOLLO TYRES IS APPLICABLE ONLY WHEN THE PROFIT AND LOSS ACCOUNT OF THE ASSESS COMPANY IS PREPARED IN ACCORDANCE WITH THE PROVISIONS OF PART II AND III OF SCHEDULE VI OF THE COMPANIES ACT,1956. THE ASSESSEES LENGTHY OBJECTIONS ARE ANSWERED AS A BOVE AND THE ASSESSMENT IS COMPLETED BY REWORKING THE BOOK PROFI TS U/S.115JB AND REWORKING THE CAPITAL LOSS UNDER NORMAL COMPUTA TION UNDER INCOME-TAX ACT. I. CONSIDERATION RECEIVED FOR VADAPALANI PROPERTY COST EXCLUDING UNPROVED ADDITIONAL CONSTRUCTION - ` ` ` 140,00,00,000 100,62,26,490 ------------------ 39,37,73,510 LESS: CONSIDERATION TOWARDS FURNITURE & FITTINGS, ELECTRICAL FITTING AND PLANT & MACHINERY PROFIT ON SALE OF VADAPALANI PROPERTY ` ` 6,42,30,910 ----------------- 32,95,42,600 ----------------- II. CONSIDERATION RECEIVED FOR HARRINGTON RD PROPERTY ` 4,00,00,000 7 ITA NO.497 /MDS/2016 LESS: SELLING EXPENSES BROKERAGE LESS: COST INCLUDING IMPROVEMENT LESS: CONSIDERATION TOWARDS FURNITURE & FITTINGS TOTAL PROFIT ON SALE OF PROPERTIES (I + II) - ` ` ` ` ` ` 9,50,000 2,67,69,474 ---------------- 1,22,80,526 6,36,609 ---------------- 1,16,43,917 ---------------- 34,11,86,517 BOOK PROFIT BEFORE TAX AS PER THE P&L ACCOUNT AUDITED BY THE STATUTORY AUDITOR ADD: PROFIT ON SALE OF PROPERTIES REWORKED BOOK PROFIT (-) ` ` ` 1,01,69,416 34,11,86,517 33,10,17,101 4. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) AFTER ELABORATELY CONSIDERING THE ISSUE UPHELD THE ORDER OF THE LEARNED ASSESSING OFFICER. 5. BEFORE US, THE LEARNED AUTHORIZED REPRESENTATIVE VEHEMENTLY ARGUED AGAINST THE ORDERS OF THE REVENUE AUTHORITIES BY CITING VARIOUS DECISIONS. ON THE OTH ER HAND, THE LEARNED DEPARTMENTAL REPRESENTATIVE RELIED ON THE O RDERS OF THE REVENUE. 6. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULL Y PERUSED THE MATERIALS AVAILABLE ON RECORD AND THE P ROVISIONS OF COMPANIES ACT, 1956 AS WELL. SCHEDULE VI PART I I OF THE COMPANIES ACT PROVIDES THE MANNER IN WHICH THE PROF IT & LOSS 8 ITA NO.497 /MDS/2016 ACCOUNT IS TO BE ARRIVED AT. THE RELEVANT PORTION O F THE ORDER IS REPRODUCED HEREIN BELOW FOR REFERENCE:- PART II REQUIREMENT AS TO PROFIT AND LOSS ACCOUNT: 1. THE PROVISIONS OF THIS PART SHALL APPLY TO THE I NCOME AND EXPENDITURE ACCOUNT REFERRED TO IN SUB-SECTION (2) OF SECTION 210 OF THE ACT IN LIKE MANNER AS THEY APPLY TO A PROFIT AND LOSS ACCOUNT, BUT SUBJECT TO THE MODIFICATION OF REFEREN CES AS SPECIFIED IN THAT SUB-SECTION. 2. THE PROFIT AND LOSS ACCOUNT- (A) SHALL BE SO MADE OUT AS CLEARLY TO DISCLOSE THE RESULT OF THE WORKING OF THE COMPANY DURING THE PERIOD COVERED BY THE ACCOUNT; AND ( B) SHALL DISCLOSE EVERY MATERIAL FEATURE INCLUDING CREDITS OR RECEIPTS AND DEBITS OF EXPENSES IN RESPECT OF NON-R ECURRING TRANSACTIONS OR TRANSACTIONS OF AN EXCEPTIONAL NATU RE. 3. .. . . MISCELLANEOUS EXPENSES: (I) PROVIDED THAT ANY ITEM UNDER WHICH THE EXPENSES EXCEED 1 PER CENT OF THE TOTAL REVENUE OF THE COMPANY OR ` 5,000 WHICHEVER IS HIGHER SHALL BE SHOWN AS A SEPARATE AN D DISTINCT ITEM AGAINST AN APPROPRIATE ACCOUNT HEAD IN THE PRO FIT AND LOSS ACCOUNT AND SHALL NOT BE COMBINED WITH ANY OTH ER ITEM TO BE SHOWN UNDER MISCELLANEOUS EXPENSES. 9 ITA NO.497 /MDS/2016 (XI)A) THE AMOUNT OF INCOME FROM INVESTMENTS, DISTINGUISHING BETWEEN TRADE INVESTMENTS AND OTHER INVESTMENTS. . (XII) A) PROFITS OR LOSSES ON INVESTMENTS SHOWING DISTINCTLY THE EXTENT OF THE PROFITS OR LOSSES EAR NED OR INCURRED ON ACCOUNT OF MEMBERSHIP OF A PARTNERSHIP FIRM (TO THE EXTENT NOT ADJUSTED FROM ANY PREVIOUS PROVI SION OR RESERVE. ( B) PROFITS OR LOSSES IN RESPECT OF TRANSACTIONS OF A KIND NOT USUALLY UNDERTAKEN BY THE COMPANY OR UNDERTAKEN IN CIRCUMSTANCES OF AN EXCEPTIONAL OR NON-RECURRING NATURE, IF MATERIAL IN AMOUNT . (C) MISCELLANEOUS INCOME. 7. FROM THE ABOVE, IT IS APPARENT THAT WHATEVER BE THE NATURE OF PROFIT OR LOSS IS INCURRED BY THE ASSESSE E IT HAS TO BE DISCLOSED IN THE PROFIT AND LOSS ACCOUNT MANDATORIL Y AS PER THE PROVISIONS OF THE COMPANIES ACT, 1956. ONLY THE ASSETS & LIABILITIES AND THE PROFIT/LOSS CARRY FORWARDED FRO M THE PROFIT AND LOSS ACCOUNT ARE DISCLOSED IN THE BALANCE SHEET . THE FORMAT OF BALANCE SHEET AS PROVIDED UNDER SCHEDULE VI OF THE COMPANIES ACT ITSELF INDICATE THE FACT THAT ONLY TH E ASSETS & 10 ITA NO.497 /MDS/2016 LIABILITIES INCLUDING RESERVES AND CARRY FORWARD OF PROFIT/LOSS FROM THE PROFIT & LOSS ACCOUNT ARE TO BE DISCLOSED IN THE BALANCE SHEET. THUS THE PROFIT DETERMINED IN THE P ROFIT & LOSS ACCOUNT OF THE ASSESSEE COMPLYING WITH THE COMPANIE S ACT SHALL BE THE BOOK PROFIT OF THE ASSESSEE COMPANY FOR THE PURPOSE OF SECTION 115JB OF THE ACT, SUBJECT TO THE OTHER PROVISIONS OF THE INCOME-TAX ACT. TO MAKE IT CLEAR , THERE IS NO PROVISION IN THE COMPANIES ACT TO DIRECTLY ABSOR B ANY PROFIT OR LOSS IN THE BALANCE SHEET DIRECTLY OTHER THAN ROUTING IT THROUGH THE PROFIT AND LOSS ACCOUNT OF THE ASSESSEE . THEREFORE, IT IS APPARENT THAT THE ASSESSEE COMPANY HAD DIRECTLY ABSORBED THE PROFIT DERIVED FROM THE SALE OF ITS CAPITAL ASSET IN THE BALANCE SHEET THEREBY AVOIDED TO DISCL OSE THE SAME IN ITS PROFIT AND LOSS ACCOUNT IN ORDER TO ESC APE FROM THE CLUTCHES OF THE PROVISIONS OF SECTION 115JB OF THE INCOME TAX ACT. THIS IS AGAINST THE PROVISIONS OF THE COMPANIE S ACT AS WELL AS AGAINST THE INCOME TAX ACT. THE DECISIONS C ITED BY THE LEARNED AUTHORIZED REPRESENTATIVE HAS NOT CONSI DERED THE MANDATORY PROVISION OF COMPANIES ACT, 1956 WI TH RESPECT TO SCHEDULE VI PART II & III. THEREFORE, WE ARE OF THE CONSIDERED VIEW THAT THE LEARNED ASSESSING OFFICER HAS 11 ITA NO.497 /MDS/2016 CORRECTLY COMPUTED THE BOOK PROFIT AS PER THE PRO VISIONS OF THE ACT, WHICH IS RIGHTLY UPHELD BY THE LEARNED COM MISSIONER OF INCOME TAX (APPEALS). FURTHER, THE LEARNED AUTHO RIZED REPRESENTATIVE HAS NOT ADVANCED ANY ARGUMENTS WITH RESPECT TO THE OTHER GROUND RAISED IN THE APPEAL FO R CONSIDERING THE COST OF IMPROVEMENT TO THE TUNE OF `3,10,00,000/-. IN THESE CIRCUMSTANCES, WE DO NOT F IND IT NECESSARY TO INTERFERE WITH THE ORDERS OF THE REVEN UE ON THIS ISSUE. 8. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DIS MISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THE 1 ST AUGUST, 2016 SD/- SD/- ( . . . ) ( . ) (N.R.S.GANESAN) ( A.M OHAN ALANKAMONY ) # % / JUDICIAL MEMBER % / ACCOUNTANT MEMBER # /CHENNAI, ( /DATED 1 ST AUGUST, 2016 SOMU *+ ,+ /COPY TO: 1. APPELLANT 2. RESPONDENT 3. - () /CIT(A) 4. - /CIT 5. + 1 /DR 6. /GF